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Starting a Freelance Home-Based Business: The 10 Key Questions to Ask Before Turning a Hobby into a Lucrative Small Business

by Kim Nishida

Finding it harder to make ends meet? You're not alone. Many people believe that even $100 more a month would make a difference but they don't see a raise or big-time bonus in their future. More than a few folks earn money on the side, selling stuff on eBay, designing handmade greeting cards or invitations, doing freelance writing or web design.

If you are thinking of turning an interest or hobby into a vehicle for earning a little extra cash, here are some questions to get you started. FYI, Mrs. Fields started her multi-million dollar empire as a hobby in her kitchen and a challenge from Mr. Fields that she wouldn't sell $50 worth of cookies on her first day in business.

Questions to Ask of Yourself Before Starting a Freelance or Home Business:

1) Why now? Why will you succeed now as opposed to last year or 5 years from now? Simply put, why is this the right time?

2) What is my purpose? Be clear about why you are considering starting up a business. Is it simply to earn extra cash or would you eventually love to be self-employed? Are you doing it to meet people or to educate the public? Know your purpose and always keep it in mind when making simple as well as important decisions.

3) What am I passionate about? What is going to energize and motivate you even in the face of obstacles and setbacks? If you don't have passion around your product/service, how do you expect others to get excited about it? Think about what you LOVED to do when you were ten years old.

4) Does the public want my product/service? You might think that a self-published cookbook of cat food recipes will change people's lives, but if most people have trouble cooking dinner for themselves, they probably don't have time to cook for their cat. You think they need it, but if they don't want it, they won't buy it.

5) What are the current trends? Thinking of selling homemade pasta? Check out the low-carb craze and you might realize that your timing is off. Maybe selling homemade beef jerky is a better bet.

6) Who will hold me accountable? Are you incredibly self-motivated or do you need someone to crack the whip over your head when times are tough? Do you see setbacks as a challenge or a reason to give up? If your answers are the latter, make a deal with a friend or colleague to check in with you and keep you on track. Or hey, hire a coach!

7) What are my 1-week, 1-month, 1-year goals? From first steps (what you will do today) to the big vision (where you will be in 5 years), plan and write down every last detail.

8) Who's on my pit crew? Don't do it all alone. Delegate the tasks you either have no skill or passion for mastering. Hire a web designer, accountant, or enlist friends and family to be your support team with ideas, constructive criticism, and unflagging encouragement.

9) How important is this? Very similar to asking, "Why now?" Is this just a whim or an incredibly urgent goal? If your reasons are not that compelling, question whether you've identified the right goal for you at this time.

10) Once again, why now? What will make you successful today as opposed to times in the past. Do a SWOT analysis to help ensure success. If you aren't familiar with that exercise, email readytoevolve@earthlink.net, with SWOT in the subject line for a free detailed worksheet.

Kim Nishida is a certified life coach and fitness professional committed to helping others become healthy, wealthy, and wise. The owner of Ready to Evolve Coaching, she lives and thrives in Southern California. Kim Nishida may be contacted at http://www.readytoevolve.com

 

 

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